Income Tax : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
Income Tax : Explore how India's tax reassessment laws shifted after Finance Act 2021, focusing on the difference between change of opinion and...
Income Tax : Explore FAQs on filing income tax returns including required documents, taxes on business income, capital gains, gifts, crypto tra...
Income Tax : Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to ...
Income Tax : The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from em...
Income Tax : The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act whic...
Income Tax : Under company law, a director of a company is not personally liable for the company’s debts unless a court of competent jurisdic...
Income Tax : Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in incom...
Income Tax : Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax departmen...
Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer rights under the Income Tax Act, 1961.
Explore how India’s tax reassessment laws shifted after Finance Act 2021, focusing on the difference between change of opinion and fresh tangible material.
Explore FAQs on filing income tax returns including required documents, taxes on business income, capital gains, gifts, crypto trading, and more.
Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]
The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from employee contribution from employer and interest part is fully exempt from tax. Now government brings some changes to the earlier provision. In broad view there are two types of provident fund the first one is public […]
1. The income tax return filed by the taxpayer is processed by the Central Processing Centre (CPC) of the Income Tax Department. The CPC (Centralized Processing Centre) in Bangalore is in-charge of handling all the primary processing of assessments. The CPC processes return without any interaction with the taxpayer and in a jurisdiction-free manner. 2. […]
Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of of person who is a resident, in the case of a person not ordinarily resident in India and person who is a non-resident which includes. Income can be Income from any source which (a) is received or is deemed to […]
In general, it is observed that many laws are written, arranged and designed in a way that makes them hard for common man to understand. The same is true for various contracts which are used in day to day life e.g. insurance contracts. USA Government has passed a law namely the Plain Writing Act of […]
The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations; ii) To study and identify the provisions which are impacting the ease of doing business; iii) To study and identify the areas and provisions of the Act for simplification in the light of the existing jurisprudence; iv) To suggest alternatives and modifications to the existing provisions and areas so identified to bring about predictability and certainty in tax laws without substantial impact on the tax base and revenue collection; and
Understand the impact of the proposed corporate tax rate cut in Budget 2015 on AS-22 and the method for calculating deferred tax assets/liabilities.
